Billionaire media entrepreneur Michael Bloomerg was elected mayor of New York City. Republican Bloomerg defeated Democrat Mark Green.

Bloomberg, 59, founder and chief executive officer of Bloomberg LP had 51.1% of the vote according to reports.

“This is a victory for our vision and our faith in the future of the greatest city in the world,” Bloomberg said in a victory speech.

Bloomberg, who will take office on January 1, has a personal fortune worth US$4.5 billion, according to Forbes magazine.

He succeeds Republican Mayor Rudolph Giuliani, who was barred by city law from seeking a third consecutive term. Giuliani had endorsed Bloomberg.